Saving & Investing Goals

August 2020

It’s hard to believe that it’s August already. In the normal world, we’d be getting ready to shift into back-to-school mode and the kids would be excitedly shopping for school supplies. BUT, a few weeks ago we received the news that schools in our county (I’m in Maryland) will not physically open this fall because of the ongoing COVID-19 pandemic. All learning will be virtual for the first 5 months of the school year at least. We’re currently in month 4 of the pandemic and our lives will likely not be “normal” for a long time to come. But regardless, the budget must go on. Even in the midst of a global pandemic, I still believe we all need to be budgeting. COVID-19 infection and mortality rates are steadily rising in the US. And with 30 million people receiving unemployment benefits, I’m extremely grateful to have a healthy family and to be gainfully employed with some money to actually budget with.

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Recap of July 2020 Goals

Before I dive into my August goals, let’s take a peek at how I did in July. My goals for July were as follows:
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Save $833 Towards Project $100K

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Buy a share of Pinterest Stock Weekly

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Stick to the $700 grocery budget

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Pay an extra $200 towards the mortgage

I did pretty well! First off, I should mention that I maxed out my 2019 Roth IRA contributions up to the $6,000 limit set by the IRS. Because of COVID-19, the contribution deadline was extended (along with the tax deadline) to July 15th. I was grateful to have the extra time to contribute. Back in March, when COVID-19 first hit, I decided to hold onto more cash because things were so uncertain. At the time the stock market was crashing and we weren’t sure how our employment would be impacted. Fast forward to July, I’m feeling more financially confident and more comfortable parting with the cash in favor of investing it. As for my other July goals, I accomplished them all except for one.  I came in $1.74 over the grocery budget because my husband Eric made an extra trip to the grocery store at the end of the month.
August 2020 Goals

August 2020

Goals

Now onto my goals for August 2020. Do you ever get new goals and gems dropping first thing in the morning? I woke up a couple a weeks ago with this goal in my spirit. Invest an additional $1,000 every month.  My first thought was about how much faster I could reach my optional early retirement goal by investing an additional $1,000 on top of what I’m already doing. My VERY next thought was an excuse about why I CAN’T achieve this new goal. Do you ever psych yourself out before you get out of the starting block?  I was already second-guessing myself before I put my feet on the floor and wiped the crust out my eye. In actuality, I second-guess myself all the time. Then I have to remind myself about how God HAS blessed before and I move forward with that confidence Sometimes you just gotta push past your comfort zone to get the results you want. Because where God gives vision He gives provision…He might just be waiting on you to do your part before opening up the flood gates.

 What big scary money are you currently running away from? 

August 2020 Goals

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Save $833 towards project $100K

Earlier this year I set a HUGE goal of saving $100,000 in cash. This month I plan to transfer a minimum of $833 to a savings account designated for this cash cushion. 
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Transfer $30 into the Stash Investing app weekly

Last month I decided to buy a share of Pinterest stock every week. This time around I’m planning to transfer the money to the Stash Investing app, but I’ll keep it in holding and will invest it later. I have my eye on a specific stock and I’m hoping to grab a few shares towards the end of the month. If I make the purchase I’ll share it with you next month!  If you’ve been wanting to invest but aren’t sure how to start, check out the FREE 4-Day Investing for Beginners Challenge
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Invest $1,000 into index funds

I’m a big fan of index funds because they’re super easy, have low fees, and are tax-efficient. I first started investing in index funds about 3 years ago. Currently, my overall portfolio is very stock heavy, but as I head into my 40s I’ll be purchasing more bonds. I use Vanguard for purchasing index funds. 
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Stick to my $700 monthly grocery budget

I consider this an evergreen goal. My family consists of two adults (my husband and I) plus our 3 kids. The grocery budget is a continuous struggle, but especially so while self-quarantining during COVID-19 when we’re eating nearly every meal plus snacks in the house. 

Now it’s your turn! Did you accomplish your money goals last month? What are your money goals for this month? Do you struggle with staying motivated?

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